Dick’s Sporting Goods’ (DKS) big bet for Foot Locker (FL) may have plenty of pitfalls.
“The proposed transaction would mean acquiring a structurally challenged, mall-based retailer with 2,410 small-format stores worldwide … a heavy dependence on one brand [Nike] … and a weak operating margin of 2.5% in 2024 that would be dilutive to Dick’s 11.0% in 2024,” Telsey Advisory Group’s Joe Feldman wrote in a note clients.
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